Global energy executives gathered in the Malaysian capital on Monday for an industry conference with an eye on the dramatic escalation in the conflict between Israel and Iran, which has fuelled worries that it could widen and disrupt supply.

Oil prices fluctuated on Monday after jumping 7% on Friday, as renewed strikes between Israel and Iran over the weekend heightened market concerns, while European Gas prices rose. While the strikes did not directly affect Iran’s oil exports,

Oil supplies from the Middle East face increasing risk as the conflict between Israel and Iran drags on, according to RBC Capital Markets LLC, which warned that energy is now “clearly in the crosshairs.

The costs of chartering tankers to move oil from the Middle East to Asia have climbed and ship bookings have slowed as the Israel-Iran conflict fuels worries of potential disruptions, industry sources told Reuters on Monday.

If prices go up, Fed officials may be inclined to raise its benchmark rate, raising borrowing costs for businesses and consumers. That could lead to businesses to cut jobs, particularly in the high-growth tech sector, and force Americans to pull back on spending, which drives more than 70% of economic activity in the U.S.

Some oil tanker owners and managers have paused offering their vessels for Middle Eastern routes since Friday as they assess the risks from Israel’s conflict with Iran, fueling concerns over export flows from the region.

Rising Middle East tensions have driven oil prices higher, potentially boosting Texas Pacific Land's future earnings. Read why TPL stock is a hold for now.

Smoke billowed above fuel tanks in Tehran and gas plants on Iran’s south coast on Sunday as energy became the latest front line in its conflict with Israel. Iran’s creaking energy sector, starved of foreign investment for years by sanctions,

Iranian missiles damaged the US embassy in Tel Aviv, escalating tensions. Israel retaliated with strikes on Iran's energy sector, while both sides continued attacks.

The price of Dubai swaps, which is a contract settled against physical prices of Dubai crude, rose 5.8% on June 13 to end at $71.03 a barrel. The gain of $3.86 a barrel for Dubai swaps contrasts with the $4.87 jump for Brent contracts.